You can teach children about money

Website design By BotEap.comIt is important to teach children about money at a young age. There are all kinds of classes available for children in school, but they have yet to include finance in the curriculum for children of any age. By teaching kids the value of the dollar, you can teach them responsibility and save them a lot of trouble when they start managing their own finances.

Website design By BotEap.comOne of the ways you can begin to show children the value of the dollar is by starting with an allowance. Set up a chore chart and explain that they can earn an allowance by completing their chores each week. Call the end of the week “payday” so they have something to look forward to.

Website design By BotEap.comChores can be anything from making the bed to cleaning the room. Give them other opportunities to earn cash too. They can help carry groceries or feed the family pets. Another idea is to involve them with the laundry.

Website design By BotEap.comAt the end of the week, add up the amount they have earned. Then explain the value of savings and encourage them to save 10% of their weekly earnings for a rainy day. Help them plan big purchases so they have a goal and try to reach it.

Website design By BotEap.comAnother way to help them learn to save their allowance is to match their savings. Many parents will “match” what the child saves in order to duplicate her efforts. This is a very good idea when it comes to teaching a young child that money accumulates over time.

Website design By BotEap.comDon’t feel like it’s too early to teach kids about money. As soon as they are old enough to make their bed or pick up toys, they are old enough to start earning and saving. By teaching children these lessons, you will be helping them understand the importance of hard work. It also teaches them to achieve their goals. When a child accomplishes what he set out to do, he will instill self-confidence and a “can do” attitude.